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Unaudited Financial Statements

We posed some follow-up questions to the FSB on the contents of FAIS Notices 81 and 82 of 2015 and include their response below:

  • Are eligible FSPs, wanting to make use of the exemption for the first time, required to send any additional information or application forms to the FSB, other than the annexure with their next financial statements?

If a FSP is one of the two eligible FSPs, they can fill out Annexure A and submit it annually with their financial statements.

  • If a FSP previously applied for an exemption from audited annual financial statements, must they re-apply now based on the exemption notice? Our understanding is that they only need to submit the annexure every year, going forward, to verify that they comply with the exemption requirements but that no additional application is required.

FSPs who previously applied for the exemption under Board Notice 193 of 2011 will not be required to complete any additional application forms.

  • How do we submit the annexure with the financial statements? Will the online system be amended to make specific provision for this, or can we simply attach the annexure as an additional attachment?

You can simply submit Annexure A as an additional attachment. The FSP must scan the Annual Financial Statements and Annexure A as one document.

Please note that, should information contained in your Annexure A reveal that you are in fact not an eligible FSP, you may be called on to submit audited annual financial statements.

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